Gevo, Inc. (NASDAQ:GEVO) informed its investors that ASTM International has finished the approval process in revising ASTM D7566 to include alcohol to get synthetic paraffinic kerosene.
Conclusion of revision process
The announcement comes after its March 28, 2016, notification, where it had noted that though ASTM received approval from committee ballots, it still required to pass through the Society Review, followed by tallying of the final ballot and publishing of new specification. As of now, the ASTM process is completed in all manner, added the company’s representative.
Following the completion of the revision process, ASTM has published the information on its website. The revision will pave the way for the use of Gevo’s renewable alcohol to jet (ATJ) fuel in standard Jet A-1 commercial flights across the U.S. and other countries. The company’s ATJ can be used for up to a 30% blend ratio in conventional jet fuel for operating commercial flights.
First test flight with Alaska Airlines
The completion of approval process came as a big relief for the company, which is now looking forward to testing the first flight with Alaska Airlines. The company’s CEO, Dr. Patrick Gruber, called the event as a significant milestone. He went on to add that the ATJ is set on its journey to become the most cost effective bio-based jet fuel in the market. Dr. Gruber is confident that the company will be able to forge more partnerships across the aviation industry now.
Besides this, Gevo recently released its fourth quarter financial results for the period ended December 31, 2015. The company posted total revenue of $7,297 in the reported quarter that declined from $8,017 posted in the third-quarter. At the same time, the company posted a net loss of $7,962, which narrowed down from $6,519 in the previous quarter. The company’s cash reserves as at the closing of the quarter were at $17 million.
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